Income Planning in Retirement

How much can you take out of your IRA in retirement?  How much is too much?  These are questions we address every day at Innovate Financial, Inc.  We can analyze your situation and income needs and develop an investment strategy to suit your goals for your retirement savings. 

If you are looking for options for your companies 401(k) or trying to figure out the best tax advantaged way to access your accounts in retirement we can help you. 

IRA Management

You saved enough for retirement and now you are trying to best manage taxes and investment growth for your IRA's.  You may be 70 1/2 and the IRS is telling you to take required minimum distributions and you want to know about your options. 
Maybe you want to leave your IRA to a child or other beneficiary.  Or, maybe you are the person who inherited an IRA from your parent. 
IRA's are great investment vehicles but if you are not aware of options like the Stretch IRA you could possibly be cutting your heirs out of tens of thousands of dollars (if not more). 
If you are a retiree and want to know your IRA options you should set an appointment today. 

Estate Planning and Protection

For a lot of my clients the idea of leaving money to children, grandchildren, charities, family or friends is very appealing.  At Innovate Financial, Inc., we can help you establish your legacy plan and use the best tools to help you accomplish your goals.  We want to help you maximize your legacy to your family and we can show you the tools that best fit your situation. 

Your strategy might call for a Stretch IRA, an Irrevocable Life Insurance Trust, or a simple Will.  Whatever it is, we will help you establish a plan, meet with your beneficiaries at your discretion, and develop a strategy for leaving the strongest legacy you can afford. 

True estate planning requires that we:

1.  Identify your short and long term goals for your estate and investment assets. 
2.  Protect your estate from Medicaid spenddown, long term care, and Uncle Sam.
3.  Maximize the legacy that you leave to your heirs. 

It is an interesting process and potentially a critical step in every "well intentioned" life plan. 

With Estate Planning we will also discuss the importance of long term care insurance and whether or not it is a smart buy for the individual.  With the Deficit Reduction Act of 2006 and the Long Term Care Partnership Program the government has put into motion legislation that encourages many Americans to at least consider purchasing long term care insurance.  Mike is happy to meet with people interested in long term care insurance in person or over the phone, for a no-cost analysis, to help you decide whether long term care insurance is a smart buy or not. 

Aunt Lynn and Adilyn at the Jersey Shore